Business Analyst - April 12

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Tuesday, April 12, 2022. Vol. No. 147
GH¢2.50
COCOA: US$2,650.33 per tonne
CRUDE OIL: US$99 per barrel
GOLD: US$1914.92 per ounce
• Dr. John
Kofi Mensah,
ADB Boss
• Dr. Ernest
Addison,
Governor of
BoG
The President
General of the
Center of Awareness
Global Peace
Mission, Professor
Samuel Ato Duncan, has
revealed that his outfit is
devoting an amount of $2
million to promote global
peace.
The initiative is in line with
a five-year strategic plan to
achieve peace across the globe.
Professor Ato Duncan
further revealed that about 24
vehicles had been procured by
his outfit to kickstart the
laudable initiative.
• Prof. Samuel Ato Duncan,
President General of the Center of
Awareness Global Peace Mission.

Tuesday, April 12, 2022
Russia-Ukraine War Update
Turkish drones have become a
symbol of the Ukrainian resistance
ISTANbuL, Turkey (CNN). "Those
shiny tanks are being set ablaze --
bayraktar -- that's the new craze," go
the lyrics of a popular ukrainian song
dedicated to a drone that has become
one of many symbols of the nation's
resistance.
The "bayraktar" has become so popular
that ukrainians are now naming their pets
after the Turkish-made drone. Last month, the
mayor of kyiv announced that a newborn
lemur at the city's zoo would be named
bayraktar and the foreign ministry tweeted a
photo of another bayraktar, a puppy at the kyiv
police dog training center.
Western and ukrainian officials have
praised Turkey's bayraktar Tb2 drones for
playing a part in countering russian attacks.
Last month the british defense secretary ben
Wallace reportedly told uk lawmakers the
drones were "delivering munitions" onto
russian "artillery and their supply lines." he
added that was "incredibly important" to slow
down and block the russian advance.
The Tb2, a medium altitude long
endurance (MALe) drone, has been operational
for years. It's been in use by the Turkish
military in northern Iraq and Syria since 2014.
More recently it has been credited with
helping tip the balance in conflicts like Libya
and Nagorno karabakh. but videos released
recently by the ukranian military showing its
strikes against russian military targets have
gone viral, putting it in the spotlight again.
The drone's success "isn't just the ability to
target the russian military," said Samuel
bendett, adjunct senior fellow at the Center of
Naval Analyses russia Studies (CNAS). "It's a
public relations victory as well."
According to bendett the drone performed
as expected but it is not "invulnerable." Opensource
evidence suggests some may have been
shot down by the russians.
The drones "are part of the ukrainian
social media campaign that is executed very
well by the ukrainian military and civilians,"
he said. Videos of bayraktar strikes went viral
on social media and that is "a great morale
booster ... [and] a great tactical victory."
The Tb2 and other unmanned aerial
vehicles (uAVs) being developed in Turkey have
put the country on the drone map, along with
the uS, China and Israel, bendett said.
Turkey, which maintains close defense and
economic ties with both russia and ukraine,
has been cautious about touting what has
arguably become one of its most famous
exports. The drone sales had been a major
irritant for russia long before its invasion of
ukraine; Vladimir Putin's spokesman Dmitry
Peskov warned late last year that the Turkish
drones would have a "destabilizing" impact in
the region.
A high-level Turkish bureaucrat told
reporters on Friday that russia has repeatedly
complained to Ankara about drone sales to
ukraine. "They used to complain before, they
are complaining right now, but we have
already given the answer... these are [from] a
private company and this purchase had been
done before the war," he told a foreign media
briefing.
Drones, phones and satellite technology
are exposing the truth about russia's war
in ukraine in near real-time
Drones, phones and satellite technology
are exposing the truth about russia's war in
ukraine in near real-time
ukraine was the first country to purchase
the Tb2s in 2019 and has ordered at least 36
drones so far. Last month, its defense minister
announced the arrival of a new shipment of
the drones.
Selcuk bayraktar, the chief technology
officer of baykar Technologies, is more keen to
talk about his drones' technology than politics.
he also happens to be the son-in-law of the
Turkish president, who has emerged as a key
mediator between russia and ukraine in the
war.
bayraktar has heard the song dedicated to
his namesake drone and knows the social
media phenomenon it has become in ukraine,
but he measures his words carefully when
discussing ukraine.
"I think it is one of the symbols of
resistance, it gives them hope," bayraktar, an
engineer and graduate of the Massachusetts
Institute of Technology, told CNN during a rare
tour of the drone production facility in
Istanbul last week.
"People are resisting and defending their
homeland from an illegal occupation and ... if
you want independence you have to be able to
stand up and resist and I think that's what the
brave people of ukraine and leadership has
done," he said. "At the same time, you need
technology, you need your own indigenous
defense capacity, but when people's lives are
on the line... I don't want to compare that to
any sort of technology."
Emmanuel Macron to face Marine Le Pen in French presidential election runoff
PArIS (CNN).French President
emmanuel Macron will face
Marine Le Pen in the second round
of the country's presidential
election, setting up a rematch of
their runoff contest in 2017.
Centrist Macron and Le Pen, a
long-time standard-bearer for the
French far-right, were the top two
candidates in the first round of
Sunday's vote, picking up 27.8% and
23.2% of the ballots respectively,
according to the French Interior
Ministry.
Twelve candidates ran for the
top job. Since none of them received
more than 50% of the ballots in the
first round, the top two candidates
will face each other in a runoff on
April 24.
The first round of the 2022
contest was marked by voter apathy,
with participation estimated at
73.3%, according to an analysis by
pollster Ifop-Fiducial for French
broadcasters TF1 and LCI -- the
lowest in a first round in 20 years.
While Macron received more
votes than any of the other
candidates in the first round, he is a
polarizing figure whose approval
rating has sagged during his first
term.
In a speech after polls closed on
Sunday, he urged citizens to vote in
the second round.
"Nothing is settled and the
debate that we will have in the
coming 15 days is decisive for our
country and our europe," he said. "I
don't want a France which, having
left europe, would have as its only
allies the international populists
and xenophobes. That is not us. I
want a France faithful to
humanism, to the spirit of
enlightenment," he said.
Macron is seeking to become
the first French president to win
reelection since Jacques Chirac in
2002. Polls have given him a
consistent edge over the rest of the
field, but the race has tightened
significantly in the past month.
Polling by Ifop-Fiducial released
on Sunday showed that Macron
would win a second-round contest
against Le Pen by just 51% to 49%.
Le Pen's support has steadily
risen in recent weeks. Though she is
best known for her far-right policies
such as drastically restricting
immigration and banning Muslim
headscarves in public places, she
has run a more mainstream
campaign this time around,
softening her language and
focusing more on pocketbook issues
like the rising cost of living, a top
concern for the French electorate.
Marine Le Pen addresses her
supporters on Sunday after the first
round of the French presidential
election.
In her speech Sunday, Le Pen
vowed to be a president for "all the
French" if she wins the second
round, and called on those who
didn't vote for Macron to support
her in the second round.
Leftist firebrand Jean-Luc
Melenchon came third, with 22% of
the vote. he enjoyed a late surge in
support and was considered a
possible dark horse candidate to
challenge Macron.
Who Melenchon's voters
choose to back in the second round
could decide the presidency, experts
say. Melenchon told his supporters
that "we must not give a single vote
to Mrs. Le Pen," but did not
explicitly back Macron.
No other candidate received
more than 10% of the votes. Farright
political commentator turned
presidential candidate eric
Zemmour, who enjoyed a seat
among the top three candidates
until March, according to Ifop
polling, came in fourth at 7.1%.
The other candidates on
Sunday's ballot have quickly begun
throwing their weight behind the
top two. While Zemmour called on
his backers to vote for Le Pen, the
others urged their supporters to
steer clear of her.

Tuesday, April 12, 2022
$2M global peace
campaign unveiled
• Continued from front
he has consequently appealed to the
Presidents of russia and ukraine to seek
peace among themselves and end the
ongoing war as soon as possible.
Prof. Duncan further appealed to the
united Nations (uN) and other international
institutions to help seek peace in these two
countries.
The respected academic was speaking at
the 4th public lecture under the theme,
“Targeting Leadership Across The Globe To
Achieve Global Peace" at the main
auditorium of the university of Cape Coast
yesterday.
According to him, seeking peace in the
world is part of his God-given assignment
and he would do everything possible to
• COA FS boss kickstarts campaign by
calling for an end to Russia-Ukraine war
• 24 vehicles procured to start Global
Peace initiative
undertake activities that promote peace in
the world
Prof Samuel Ato Duncan also said the
fourth public lecture and launch of the 5-
year action plan are to introduce to major
stakeholders a new route to “complement
our efforts in achieving global peace”.
he also added that the mission will
create solutions and remain one hundred
percent neutral in all its dealings and
activities.
Prof Samuel Ato Duncan was born on
19th February 1966 to Mr. Albert Duncan and
Mrs. Georgina Duncan both of blessed
memory. his birth was surrounded by
certain strange divine happenings.
According to his parents, Prof Samuel Ato
Duncan was born with the mark of "The
Cross" on his forehead. These divine
happenings made his parents believe that
their son would join the priesthood.
Prof Samuel Ato Duncan’s aim is to
ensure peace in the world.
The Central regional Minister, hon
Justina Marigold Assan who was the guest
speaker also pledge that the Central
regional coordinating council
will support Prof Samuel Ato
Duncan to achieve all his
mission and vision of peace in
the world.
The Minister also appealed
to all natives in the region to
always preach peace to others to
promote brotherliness.
The representative of his
Majesty Otumfuo Osei Tutu II,
Nana Mensah bonsu II on his
part, praised Prof Samuel Ato Duncan for
heeding God's call.
he said leadership has a significant
impact on the outcome of the political and
social-cultural issues and their
consequences on society.
he, therefore said that the theme for this
year's lecture could not be overstated in the
light of the current crises around the world
which have resulted in the loss of lives and
disrupted human lives as a result of
displacement, loss of homes, and income.
The Central regional Police
Commander, DCOP Isaac Amenyo on his
part said, he will make sure that there is
enough peace in the central region.
he also appealed to all natives in the
region to report any form of crime to the
police to ensure peace and stability in the
country.
ADB records 24.7% profit in 2021
• Balance sheet remains strong
AGrICuLTurAL Development bank
recorded a 24.7% percent growth in
profit year-on-year to ¢81.6 million in
2021, its 2021 Audited Financial Statement
has revealed.
In 2020, the bank’s profit stood at
65.4 million.
The growth in the bottom line of
the bank was due to increase in net interest
income as well as net fees and
commission.
but for high impairment on the income
statement, the bank’s profit will
have been higher.
Net interest income (¢728.23 million)
and net fees and commission
(¢101.31 million) grew by 15.6% and
20.9% respectively over the previous
year (2020).
As a result of the growth in income,
shareholders of the bank will be
earning 23.52 pesewas per every share
owned, as against 18.85 pesewas per
share in 2020.
The bank registered ¢41.7 million
as bad debt in 2021, compared with
¢23.16 million in 2020.
Cost-to-income ratio was also very
high, and therefore managers of the
bank will have to work extra hard to
bring it down.
With regard to the balance sheet,
the balance sheet size stood at ¢11.96
billion in 2021, higher than ¢10.5 7billion
recorded in 2020.
Total assets stood at ¢6.45 billion,
whilst total liabilities were ¢5.51 billion
in December 2021.
Shareholders’ funds also stood at
¢938.2 million in 2021, compared with
¢850.6 million in 2020.
In terms of stability of the bank,
the liquidity ratio declined to 101.87%
in 2021, from 117.76% in 2020, but still
at a healthy position.
Capital Adequacy ratio also
dropped slightly to 14.49% in 2021,
from 14.87% in 2020, but above the
minimum banking industry threshold.
Non-Performing Loans also remained
high at 31.21%
Financial Soundness Indicators
December 2020 December 2021
Capital Adequacy ratio
14.49% 14.87%
Non-Performing Loans
34.40% 31.21%
Liquid ratio
101.87% 117.76%
Real sector economic activity
expected to recover — BoG
• Vehicle registration, airport
arrivals up significantly
reAL sector economic activity
is expected to continue
to recover, although
still below potential, the
bank of Ghana has said in
its Monetary Policy report.
This is coming after the
real sector of the economy
recorded an improvement
in performance in January
2022.
“In the outlook, activity
is expected to improve in
the medium-term on the
back of positive real sector
expectations and rising
foreign demand”, it explained.
however, tighter monetary
conditions and the ongoing
fiscal consolidation
are likely to moderate the
pace of the recovery in the
forecast horizon, the Central
bank pointed out.
Meanwhile, activities
in the manufacturing subsector,
gauged by trends in
the collection of direct
taxes and private sector
workers’ contributions to
the Social Security and National
Insurance Trust
(SSNIT) Pension Scheme
(Tier-1), recorded a positive
performance in January
2022.
Total direct taxes collected
increased by 4.3%
(year-on-year) to ¢1.430 billion
in January 2022, relative
to ¢1.371 billion
recorded in January 2021.
however, on a monthon-month
basis, total direct
taxes collected for
January 2022 declined by
72.2% from ¢5.148 billion
collected in December
2021.
In terms of contributions
of the various subtax
categories, Income tax
(PAye and self-employed)
accounted for 45.3%, whilst
corporate tax accounted
for 43.4 percent and “Other
Tax Sources” contributed
11.3%.
Construction
Sector Activities
Activity in the construction
sub-sector, proxied
by the volume of
cement sales, declined by
6.05 (year-on-year) in January
2022 to 314,654.79
tonnes, compared with
334,700.22 tonnes recorded
a year ago. On a month-onmonth
basis, total cement
sales dipped by 5.9% in
January 2022 compared
with 334,344.22 tonnes
recorded in December 2021.
The decline in total cement
sales was due to a
slowdown in construction
activities during the review
period.
Vehicle registration
Transport sector activities,
gauged by new vehicle
registrations by the Driver
and Vehicle Licensing Authority
(DVLA), however,
improved by 9.6% to 50,374
in January 2022, from
45,963 vehicles registered
during the corresponding
period of 2021.
On a month-on-month
basis, DVLA vehicle registrations
rose significantly
in January 2022, in line
with seasonal trends.
Industrial Consumption
of electricity
Consumption of elec-
• Continued on page 8

Tuesday, April 12, 2022
FUNCTIONAL
ADDRESS SYSTEM KEY
TO BOOST GROWTH
ThE need for a functional address system in the country
is increasingly becoming critical for the management of
rapidly growing urban areas, where most cities lack a
comprehensive and standardised addressing system.
The lack of an efficient and standardised address
system in the country hinders urban planning and the
delivery of urban services, as well as revenue generation
by local government authorities.
Indeed, an efficient and standardised address
system, which comprises street naming and property
addressing, does not only facilitate the operation of
modern technological devices but, more importantly,
serves as an essential tool for effective urban
development and management.
The process involves using a system of maps and
signs that assign names to streets and numbers to
buildings or parcels of land to ensure easy identification
of people and places.
It is of great significance that the Land Use and
Spatial Planning Authority (LUSPA) has developed a new
system for the monitoring and implementation of the
street naming and property address system.
The system enables LUSPA officers to work with local
government authorities for the implementation of the
already ongoing project.
The street address system started over 20 years ago,
with metropolitan, municipal and district assemblies
(MMDAs) working with traditional authorities and other
key stakeholders on the project.
But there are problems that inhibit the complete roll
out of a functional street naming and property address
system because local government authorities, who are
constitutionally mandated to manage spatial
development of the cities, are faced with challenges that
hinder the efficient planning and effective coordination
and control of physical development.
Again, some of the local authorities have gaps in the
preparation of appropriate city layouts, and even in
instances where they are prepared, the enforcement of
land use regulations has been weak.
Indeed, the pace of development of properties in
most urban centres has outstripped the rate at which
the local government authorities are able to design
approved layouts to be used as a basis for enforcement.
This development has resulted in a situation where
a considerable number of developed properties have no
permits as well as addresses, as most of the
developments hardly go through the approval processes
of the MMDAs.
however, planning theory shows that when people
and local power structures are not involved in the
planning process of a project, its implementation often
runs into difficulties.
For us, functional street naming and property
addressing are the basic systems of identifying a physical
location in cities.
They are tools city local authorities can use to track
urban growth by guiding the development and provision
of infrastructure and services in the urban environment.
They also help businesses deliver essential services
and provide a reference system for the delivery of mail
more effectively and efficiently.
Even more important is that a functional street
naming and numbering system forms the basis for the
intuitive identification of places.
Residents and visitors alike depend on street
addresses to find their way.
Indeed, many street names are linked to a cultural
set of identification born out of local or regional, ethnic
or historical inventory.
Teamwork: The secret
sauce to business success
OVer the past
few years,
you’ve probably
noticed
people talking
a lot more about the
importance of teamwork
and collaboration. Openoffice
layouts have become
the norm and team productivity
tools have exploded
in popularity.
Some see this emphasis
on open collaboration
as a passing fad or a way to
lower overheads. but a
growing body of research
confirms that when people
work together, smartly,
it can unleash energy that
boosts creativity, productivity,
engagement, communication
and
efficiency.
each individual has unique
gifts, and talents and skills. When
we bring them to the table and
share them for a common purpose,
it can give companies a real
competitive advantage.
A ‘team’ is not just people who
work at the same time in the
same place. A real team is a group
of very different individuals who
enjoy working together and are
committed to working cohesively
to help their organisation achieve
its common goals and fulfil its
purpose.
A team is not a group of people
who work together
A team is a group of people
who trust each other
Most likely, they are not all
equal in experience, talent, or education,
but they are similar in
one vitally important way – their
commitment to good of the organisation.
A leader’s role is
greatly diminished without their
team, and any group of people –
your family, your workplace, or
your community – will get the
best results by working as a team.
To build a strong team, you
must see someone else’s strength
as a complement to your weakness,
not a threat to your position
or authority. Great leaders aren’t
know-it-alls who continuously try
to outshine everyone. They listen
to their teams, ask the right questions,
and give everyone the
chance to contribute. Instead of
trying to do it all, they find people
who can do it better.
you don’t inspire your teammates
by showing them how
amazing you are. you inspire
The Author
them by showing them how
amazing they are -robyn benincasa
At the end of the day, it’s not
about being the smartest person
in the room. It’s about building a
team with the most intelligent
people you can find, and inspiring
them to believe in the impossible.
build a great team. No one is
an expert on everything; the
strongest businesses are built on
the smartest people, not on one
person.
building a great team requires
a leader who can inspire their
team to believe anything is possible.
That’s the essence of leadership;
helping your people reach
their full potential and helping
your team maximise their gifts to
become the very best version of
themselves.
What makes you effective as a
leader is not the title you hold.
rather, it’s demonstrating an unrelenting
focus on helping others
succeed in their collective efforts;
because when you take care of
your team, it often reflects the
service they provide to their customers.
Clients do not come first, employees
come first. If you take care
of your employees, they will take
care of the clients – Sir richard
branson
There may be no ‘I’ in team,
but being part of a team can help
you grow. by sharing information
and essentially cross-training
each other, each individual member
of the team can flourish. you
might discover new concepts
from colleagues with different experiences.
you can also learn from
someone else’s mistakes,
which helps you side-step
future errors.
you might even learn
something new about yourself.
We all have blind-spots
about our behaviour and
strengths that we may be
unaware of – and feedback
from a team-member can
expose them. recognising
these strengths and addressing
the weaknesses
can make you a better
team-member, and even a
better person; maybe a better
listener, too. That’s a
skill you can grow in… and
then take home and use to
improve your family interactions
Let me just say when
people with different perspectives
come together in
group brainstorms, innovative
ideas can rise to the surface –
with one caveat. research shows
this can only happen when communication
within the team is
open and collaborative.
The most creative solutions
can only come up when there’s a
level of trust that lets team members
ask ‘stupid’ questions, propose
out-there ideas, and receive
constructive criticism.
but what happens to that
same team of 10 designers a year
down the line, when they’ve
learnt all they can from each
other? They’ll soon start to compete
with one another, to prove
their ability and chase promotion
or other incentives within your
organisation.
Provided the right challenge
and rewards are in place to promote
healthy competition, team
performance can keep improving.
Finally, when employees work
together and succeed as a team,
they form bonds that can turn
into trust and friendship. It’s
human nature. And it’s great for
your organisation, since employees
who like and trust each other
are more likely to:
• Communicate well with
each other
• Support and motivate each
other
• Work cooperatively
• It’s little wonder successful
organisations value teamwork so
highly.
The author is a Risk assessment
and Cost reduction Consultant,
relationship coach, writer

Tuesday, April 12, 2022
Ghana Water Company records GH¢938.83m loss
GhANA Water Company Limited
(GWCL) posted a net loss of Gh¢938.83
million in 2020, the 2020 State Ownership
report has stated.
This represents a 64.17% improvement
on net loss of Gh¢2.620 billion
posted in 2019. Net profit margin was
negative 70.02% in 2020.
revenue however increased by
44.83%, from Gh¢925.82 million in
2019 to Gh¢1.340 billion in 2020. Total
revenue increased by an average of 34
percent per annum between 2016 and
2020.
revenue from operations (sale of
water) increased by 45.09% from
• Loss positioning however improves
Gh¢901.96 million in 2019 to Gh¢1.308
billion in 2020. This was on account of
a 56.82%t increase in sale of water to
private customers.
Direct cost was estimated at
Gh¢1.444 billion in 2020, representing
a 13.89% increase from Gh¢1.268 billion
in 2019. The increase in direct
cost was mainly on account of a
47.34% increase in distribution costs.
The report pointed out that “it
must be a matter of concern that the
direct cost has consistently exceeded
revenue by an average of 8% between
2017 and 2020.
In terms of stability of the business,
the report said GWCL’s current
ratios were 0.48 and 0.59 in 2019 and
2020 respectively.
Although there is an 11-basis point
improvement in the ratio, the company’s
liquidity position remains precarious
and underscores its difficulty
in meeting short-term obligations.
key operational results
GWCL exceeded most targets set
for the year 2020 due to the government’s
free water supply policy.
For instance, raw water abstracted
in 2020 was 344Mm3 exceeding a target
of 328 Mm3.
Again, water produced in 2020 was
325 million cubic meters (Mm3) compared
to the target of 312 million cubic
meters of water tariffs.
The collection ratio of water was
estimated at 86.2% against a target of
97%
'Ban wrapped
foods in plastics'!
AMIDST growing
concern about
wrapped foods in
plastic, the Gyesehene
of Gomoa
Assin Traditional Area in the
Gomoa Central District of the
Central region, Nana kobina
kwan II, has called for a complete
ban on plastic wrappedfoods
in the country.
According to the Gyesehene,
foods wrapped in plastic, particularly
hot foods, could be cancerous
to the human body,
therefore, a complete ban on
same would safeguard lives.
Nana kobina kwan II, who
made the call in an interview
with the DAILy Analyst, called
for a ban on the product.
According to him, the lives of
Ghanaians must be placed above
the financial gains that the nation
may be seeking to rake in
from the production of the products
he said the move would help
save lives therefore a collective
effort was needed to eradicate
the menace, thereby controlling
cancer in the country.
The Gyesehene narrated how
his doctor advised him to put a
stop to eating food wrapped in
plastics as they may be injurious
to his health, adding that chemicals
in the plastic could injure
his health.
he said plastics were not
only harmful to the internal organs,
but to external organs as
well, hence the need for it to be
immediately banned.
“"It is
important for
the public to
know the
harmful effects
of eating in
plastic products
particularly hot
foods wrapped
in plastic
rubber," he said.
The traditional
leader appealed
to Ghanaians to
rather use
plantain leaves
for wrapping
their foods in
order to live
healthy and
long.
he emphasised that not only
does it cause the aforementioned
health risks, but other
challenges in the lives of girls as
they influence the menstrual
cycle, affect sperm production in
males, and could also render
both men and women unfruitful.
he noted that the bonding
chemicals in the rubber which
include leach were responsible
for causing damage to both the
internal and external organs.
"rubber contains leach
which is harmful to the body
and destroys the internal functions,
especially when the food
is very hot," he warned.
"The chemicals that the rubber
is made from are dangerous
to our health, especially when it
is hot," he added.
The Gyesehene indicated
that he could never be silent
over the knowledge and experience
he has been having as a
victim himself but to educate
the nation about the dangers of
rubber and rubber products.
he called on the Ghana education
Service (GeS), churches,
and other stakeholders to intensify
education on the menace in
order to save Ghanaian lives.
"It is important for the public
to know the harmful effects
of eating in plastic products particularly
hot foods wrapped in
plastic rubber," he said.
The traditional leader appealed
to Ghanaians to rather
use plantain leaves for wrapping
their foods in order to live
healthy and long.
Cancer from rubber usage
accounts for major deaths in the
country and the time has come
to eradicate it," he urged.

Tuesday, April 12, 2022
The significance of raising
entrepreneurial-minded
children in Africa
As the grandson of a
renowned traditional ruler and
herbalist, I was grieved by my
grandmother’s departure to the
land of our forefathers without
passing on her treasure of
expertise in herbal medicine. As
a result, the family herbal
company failed. At the age of
six, I noticed several things
that have stayed with me to
this day. I guess I was of a
distinct breed; I was fascinated
by nature and had endless
questions. I questioned my
grandma about everything, and
she was gracious enough to
share her knowledge with me.
ONe thing that
surprised me was
how effortlessly
children of
craftsmen’s parents
choose their craft. A sculptor’s
child, he readily plays with the
tools, the blacksmith’s son was
courageous, and he knows his way
around hot irons and can create
tiny tools – stunning! The
neighbourhood chop bar owner’s
daughter quickly picked up basic
cooking skills. The fisherman’s
children were unafraid of the river
and swam with ease.
Following my grandmother’s death,
my father was hired as a factory worker
in the then new Cocoa Processing
Company, which promised security and a
lot of money. he abandoned the family’s
wealthy plantation and herbal business
to pursue that fleeting pleasure. My
mother was content selling meals to
factory workers and didn’t think much of
the herbal traditional business. Perhaps
they were brainwashed into believing it
was evil.
A recent study shows that children of
entrepreneurs in many
countries in Africa are
not being adequately
taught about
entrepreneurship. even
parents who are
entrepreneurs rarely
expose their children to
their businesses, and
teach them that
entrepreneurship is
impossible. They
encourage kids to
become doctors or
lawyers instead, which
has created a whole host
of problems for the
business climate in
Africa, and Ghana
especially.
Fewer African
businesses are
succeeding beyond the
first and second
generations; that is to
say that when the
founders pass on, their
companies begin to fail.
This is because there are no proper
succession plans and well-equipped
people to take over. More so, kids don’t
learn from an early age that
entrepreneurship can give them – life
security and abundance beyond the
expectations they’ve been given by
society.
Africa is rich in wealth and culture.
however, many Africans have yet to fully
embrace and harness the power of
entrepreneurship. While there are many
reasons for this, the main one is that
many parents do not teach their children
about business.
Think back to when you were a child
– did your parents teach you about
business? Did they show you
how to manage money? Did they
talk with you about the importance of
hard work and saving? If not, don’t worry
– you’re not alone! Truth be told, most
African parents rarely talk about these
topics with their kids, which perpetuates
a cycle of poverty across the continent.
One solution to this challenge is to
start raising entrepreneurial-minded
children. We can’t afford to miss this
transition.
So, let’s get started right away!
It is never too soon to start.
young children are capable of
“Africa is rich in
wealth and
culture.
however, many
Africans have yet
to fully embrace
and harness the
power of
entrepreneurship
. While there are
many reasons for
this, the main
one is that many
parents do not
teach their
children about
business.
learning about entrepreneurship earlier
than many parents and educators realise.
They can understand the basics of
money, the relationship between work
and income, and concepts like supply
and demand. As a parent, you may have
already witnessed your child’s ability to
‘play entrepreneur’ with their toys or
become interested in activities such as
selling lemonade on a street corner.
raising entrepreneurial-minded
children is important because it will help
develop critical thinking skills that they
will find useful later in life. While not
every child will be interested in business
ownership when they grow up, an
entrepreneurial mindset can help them
achieve success in any field they pursue –
whether that is being an employee,
starting a new business or even just
living independently. A child who learns
to think creatively at an early age has
more opportunities available to them
when they are older than one who
doesn’t develop these skills until later on
down the road.
It should go without saying that
teaching your kids how entrepreneurs
start businesses can be fun for both
parties involved!
Children can benefit.
They learn independence and selfreliance.
They learn to be responsible for the
things that they do. In the process, they

Tuesday, April 12, 2022
develop a sense of confidence.
They gain the ability to
communicate effectively and
with confidence because they
are not shy about negotiating
prices or asking questions.
When children negotiate with
other people, it gives them a
sense of pride when they’re
able to get what they want in
an appropriate manner
(instead of whining and
throwing tantrums).
Learning to solve
problems in creative ways is a
skill that will serve your child
well throughout life – whether
he plans on becoming an
entrepreneur or not.
Parents can benefit.
If you are a parent, then
you surely have an interest in
your child’s future. This will
be especially so if that future
involves hunting for a job or
even starting their own
business. you may also
imagine that their future
includes making money and
being able to live a life
without having to rely on the
generosity of others.
I want to encourage you to
remember that the world does
not always pan out the way
we hope it will. It often does
not. When I was younger, my
father told me: “Son, when I
was young like you, all I
wanted was to be wealthy”. he
then went on to tell me he
hopes I never have to
experience what he has
experienced during his
lifetime. he said, “Money is
great but it is no substitute for
health or happiness”.
benefits of raising
entrepreneurial-minded
children
When you raise an
entrepreneurial-minded
child, you are creating an
individual who can take on
life and its challenges headon.
There are so many
benefits that come with
raising a child that has all of
the following traits:
Starts and manages a
business or businesses.
Creates jobs.
Creates wealth.
Creates solutions to
problems, or answers
questions in ways no one has
thought before.
Solves problems
creatively, rather than
depending on someone else
to solve them for him or her
Innovates while others
wait and follow.
The world needs qualified
entrepreneurs.
The world needs qualified
entrepreneurs. If you want to
start with a great idea and
grow it into a business that
can positively impact the lives
of others.
The entrepreneurial
mindset is a powerful one.
“entrepreneurship is an
essential part of the economy,
and it’s a mindset that can be
applied to just about any
career. entrepreneurs are
innovators and problemsolvers
who could very well
change the world. Teaching
your kids this mindset will
prepare them for the modern
working environment, as well
as give them a competitive
edge – that’s more valuable
than any degree they could
earn from a college or
university.
entrepreneurial thinking
is ingrained in us at birth, but
today’s school curriculum
doesn’t allow students to hone
it. For our children to reach
their full potential, we need to
teach them these skills at
home.”
everyone in the
world should be an
entrepreneur
The world is quickly
becoming a much smaller
place. Globalisation is making
the world smaller and smaller
each day. This means that
problems in one area of the
world can quickly impact the
whole world. It also means
that solutions can be used
throughout the world for
global benefit. If you were to
look at how many problems
“Entrepreneurship
has become
an ever more
important part of
our lives as we
move further into
modern times
and with good
reason:
Entrepreneurs are
critical thinkers
who are
purposeful and
make things
happen, they are
innovative and
bring new ideas
into existence,
they take risks,
they focus on
opportunities, not
problems, they
have initiative
and create their
opportunities if
nothing exists
already; ...
there are in this world, you
would find it overwhelming.
These issues can seem too
big for just one person to
solve, but if everyone does
their part to solve one
problem, then we will all be
better off. entrepreneurship
has become an ever more
important part of our lives as
we move further into modern
times and with good reason:
entrepreneurs are critical
thinkers who are purposeful
and make things happen, they
are innovative and bring new
ideas into existence, they take
risks, they focus on
opportunities, not problems,
they have initiative and create
their opportunities if nothing
exists already; they believe in
themselves and trust their
judgment even when others
don’t support them or think
that their idea won’t work out.
Read more from my new
book ‘Abrempong: A Parent’s
Guide to Raising
Entrepreneurial Mind Kids.’
It’s your turn. What can
you do now?
Bernard is an Author,
Speaker, Lecturer and
Corporate Trainer. He is a
brand strategist at BKC
consulting and runs the
monthly Branding &
Publishing Masterclass. Visit
www.BKC.name

Tuesday, April 12, 2022
Real sector economic activity
expected to recover — BoG
• Continued from Page 5
tricity by industries went up by
11.7% on a year-on-year basis,
during the period under review.
Industries consumed 269.43 gigawatts
of power in January
2022, as against 241.24 gigawatts
recorded for the corresponding
period in 2021.
On a month-on-month
basis, electricity consumed by
industries in January 2022 increased
marginally by 1.5%
from 265.38 gigawatts utilised
• Vehicle registration, airport
arrivals up significantly
in December 2021.
The improvement in power
consumption was mainly due
to increased industrial activity
by manufacturing companies
during the review period.
Passenger Arrivals at the
Airport up 52.8%
International passenger arrivals
increased by 52.8% to
56,285 in January 2022, compared
with 36,838 arrivals
recorded a year ago.
On a month-on-month
basis, passenger arrivals declined
by 34.2 percent. The yearon-year
increase in passenger
arrivals reflected the continued
easing of travel restrictions in
the country.
Ports and harbours Activity
International trade at the
country’s two main harbours
(Tema and Takoradi), as measured
by laden container traffic
for inbound and outbound containers,
improved during the
period under review.
Total container traffic grew
marginally by 0.9%, year-onyear,
to 62,062 in January 2022,
up from 61,500 for a similar period
in 2021.
On a month-on-month
basis, total container traffic decreased
by 4.1% when compared
to 64,727 recorded in December
2021.
The relative year-on-year
improvement in port activities
was due to an uptick in international
trade activities as global
COVID restrictions eased over
the review period.
Go beyond the caution; enforce
laws against pricing in foreign
currencies – Forex analyst to BoG
AForex Analyst is warning
that the bank of Ghana’s
notice of caution to
persons pricing goods and
services in foreign
currencies, will come to naught, if the
Central bank fails to ensure that the
laws concerning the practice are
enforced.
According to the apex bank, such
practices breach the Foreign exchange
Act, 2006 (Act 723) which prohibits
companies and institutions from
pricing, advertising, receipting, or
making payments in foreign currencies
in Ghana.
The Central bank in a statement
also said the law prohibits individuals
or institutions from engaging in
foreign exchange business without a
license issued by the bank of Ghana.
Despite a stated punishment of a
summary conviction by a fine of up to
seven hundred (700) penalty units or a
term of imprisonment of not more
than eighteen months (18) or both,
forex analyst Louis boah noted that
effective enforcement of the laws is the
only way forward.
“Ghana already has the best laws
against the pricing of goods and
services in foreign currencies,
especially the uS Dollar. I believe that
the implementation of the set punitive
actions is what is needed to stop the
practice. you can take the housing
industry, for example, an industry the
government needs to look at seriously.
When you look at renting of houses,
landlords and other stakeholders are
now charging in Dollars. And this leads
to people using a lot of Cedis to get the
needed Dollars to rent.”
“When you talk about the black
market, you can see the people who
conduct the business in specific
sections of areas like Makola and the
likes without being stopped by the
police who patrol such areas. So the key
thing needed going forward is
enforcement,” he added.

Tuesday, April March 12, 2022 1, 2022
FINANCE
Become financially fit
in 2022 by following ten
easy steps – Tavona Biza
Tavona Biza is a
business leader with
a track record of
growing and turning
around businesses
across the African
continent. He is
currently the Group
CEO of Old Mutual
Ghana.
The holidays and the
associated spending that
usually goes with the season
have left many Ghanaians
facing the New year with
financial hangovers. The reality is that
their money problems could last well
into 2022 if steps are not taken to get
financial circumstances back in shape.
Tavona biza, Group CeO of Old Mutual
Ghana believes taking these ten easy
steps to get personal finances back in
shape, could make things look a lot
better and help with proper financial
planning.
know what you owe.
Taking action to get financially fit
cannot begin until you understand what
your debts are. Listing loans, account
balances and other debts are steps that
identify how big the job ahead will be.
This stage is vital because it can help
avoid debt from having a long-term
impact on your credit rating. Also, until
you resolve the problem, the chances are
that you will not be able to make savings
plans.
Stop all unnecessary
spending and accounts.
Once your level of debt is known, you
should stop spending on items you do
not need. Closing unnecessary accounts
will ensure that your spending is
reduced.
Don’t panic.
The worst thing to do is panic. by
cancelling life and insurance policies,
liquidating savings, or investments, you
could be damaging your future security.
“The worst thing to
do is panic. By
cancelling life and
insurance policies,
liquidating savings,
or investments, you
could be damaging
your future security.
Life, funeral, and
short-term policies
protect you and your
family from the
unexpected. Raising
your personal risks
by using the money
to pay debts could
bring only shortlived
advantages.
Life, funeral, and short-term policies
protect you and your family from the
unexpected. raising your personal risks
by using the money to pay debts could
bring only short-lived advantages.
Pay off debts.
Attack debts by paying off those with
high interest rates first. As these are paid
off, the money used to settle these
accounts can be used to pay off lower
interest debts at a faster rate.
Consolidate your debts.
Debt consolidation helps to simplify
debts by paying off multiple debts with a
new loan. Multiple debts may come with
multiple interests that may be
challenging to settle. As these debts are
paid off with a new loan, an individual is
left with a single debt, reducing
payments. This means that the size of
the overall debt also reduces.
Downscale your lifestyle.
Changing your financial habits will
involve taking tough decisions. Cutting
back on miscellaneous expenditure and
reducing spending on luxury items will
have immediate benefits.
See bonuses in a
different light.
It is tempting when a financial
windfall comes your way to see the
income as ‘extra’ and spend it.
however, any bonus or gift you
receive will work for you if it pays off
accounts or kickstarts a savings plan.
become a poly-jobber.
The term “Poly–Jobbers” refers to
people who are making ends meet by
creating multiple streams of income.
The Covid’19 Pandemic created new
habits such as working remotely. This
has caused many individuals to
develop new skills and interests of
which can equally be a source of
income, hence “poly-jobbing”. Polyjobbers
often take on projects offered
on the web. The advantage is that the
time required for the task and the
rewards offered are negotiated
upfront.
Improving your financial status
as a poly-jobber means using money
from the multiple sources to reduce
your debts, rather than spending it on
niceties. Once you are debt-free, the
income can be invested or saved. your
contract of employment on your
current job must of course allow for this.
become a saver.
To become financially fit, you should
be a saver. Starting to save should be
easier once your debt levels reduce.
Developing a new personal budget will
ensure that additional money can be
paid into accounts. you will then have
funds for emergencies, as well as short,
medium, and long-term savings plans.
Get expert’s financial
advice.
In planning your fresh start, expert
knowledge and advice can make a
difference. A personal financial adviser
will assist by reviewing your budget and
developing strategies to help you meet
your financial goals. As these strategies
will be reviewed regularly and adapted,
you can be sure that your savings and
investments will continue to grow.
The key to changing bad money
habits and becoming financially fit
depends on financial education. The
more you know about the right way to
preserve and grow your money, the
better your future will be. The time for
change is now. To achieve remarkable
things tomorrow means taking small
steps today.

Tuesday, April 12, 2022
The effective speaker’ toolbox
with Kafui Dey: Stage Fright
—Beat it in 5 EASY steps!
yOu know how stage
fright feels. Just
thinking about
speaking in public
causes sweat to pour
down your body. your hands
tremble. your legs turn to jelly.
your tongue feels like sandpaper
and your mouth is dry. your
heart is pounding like a techno
bass drum.
you desperately want to beat
this fear. you can’t spend the rest
of your life turning down
opportunities to speak because
of stage fright
Is your public speaking
suffering because of stage fright?
here’s how to beat stage fright in
5 easy steps. All you need to know
is the word STAGe and what
each letter in STAGe stands for!
S is for ShIFT yOur
FOCuS
Take out your phone, out it in
selfie mode and point the
camera close to your face. Who
do you see? you of course! And
that’s how many people
approach public speaking. by
going into selfie mode and
focusing solely on themselves.
Do I sound intelligent? how do I
impress them? Will they like
me?
This approach will only
heighten your anxiety and
worsen your stage fright. So flip
the camera in your head to
regular camera mode and shift
your focus to the audience. how
can i make my talk so
memorable for them? What tips
can i give them to use
immediately?
The human brain can only
focus on one thing at a time. If
you concentrate on the audience,
you won’t have space in your
mind to worry about yourself
and indirectly stage fright
becomes a non-issue.
T is for TrAIN yOur
brAIN
Just imagine it. you go to the
cinema. you buy your ticket, grab
your popcorn and settle down in
your seat. The trailers roll and
the movie begins. Do you expect
the movie to be a bad one?
Definitely not!
but that’s how many people
approach public speaking. They
dream up every negative
outcome. I’ll trip on my way to
the stage and make a fool of
myself. I’ll get booed off the
stage. I’ll be so boring the
audience will sleep. All these
negative thoughts will only
worsen your stage fright.
So put yourself in cinema
mode and train your brain to
expect only positive outcomes.
See yourself getting a standing
ovation. Imagine the eager
expectant faces of an engaged
audience listening with rapt
attention to you. hear yourself
giving thoughtful responses
during the Q and A session after
your talk. Train your brain to
vividly visualize good things
happening to you before, during
and after your talk. That will take
care of your stage fright.
A is for AChIeVe
CALM
When you are relaxed, it’s
impossible to get an attack of
stage fright. you can achieve
calm in a number of ways:
DeeP breAThING:This is
especially helpful just before you
get on stage. Take a deep breath
in, pause and breathe out slowly.
repeat 10 times and you will
notice that your pulse will start
to slow down and you will feel
less tense.
PrAyer &
MeDITATION:Some people feel
calmer when they pray or
meditate. Try it and see if that
works for you. remember, your
aim is to beat stage fright and
being calm is one of the key
ways to achieve that aim.
TONGue TWISTerS:These
are humorous, alliterative
sentences or rhymes that aid in
proper pronunciation. An
example is She SeLLS SeA
SheLLS ON The SeyCheLLeS
SeAShOre. Say tongue twisters
slowly and exaggerate your
mouth and face when
pronouncing the words. you’ll
invariably end up smiling or
even laughing and in that
relaxed state, stage fright will be
far from your mind.
G is for GeT PrePAreD
how you get ready for your
talk has a direct impact on
beating stage fright. here’s what
you should remember:
reheArSe eArLy:The
surest way to provoke a bout of
stage fright is to start drafting
your talk or presentation the
night before the big day. Don’t
leave preparation till late. As
soon as you know you have a talk
to give, start doing the research
and working on your key points.
remember the advantage gained
by the early bird. Apply that
principle to your preparation if
you want to beat stage fright.
reheArSe WITh AN
AuDIeNCe:Why? Isn’t
practicing in front of a mirror
good enough? No. because when
you get on the stage to speak, you
won’t be looking at a reflection
of yourself. you’ll be facing an
audience. So practice with people
watching you. Ask 4 or 5 friends
to sit in the room while you
rehearse. Their purpose is to
make practice sessions as
realistic as possible and to also
provide feedback on what they
remember and what they like or
dislike about your presentation.
Once you incorporate their
feedback into your talk, you’ll be
more confident about how the
talk will be received and
therefore less likely to worry
about it which means no stage
fright.
reheArSe ON VIDeO:In
your practice sessions, ask one of
the audience members to record
you speaking. Watch your
performance and evaluate
yourself. you’ll notice what you
liked (which you’ll maintain)
and what you disliked (which
you’ll discard from your speech).
you will also get an idea of how
the audience will see you on the
day of the talk. Often we are
unaware of annoying gestures
we might make during a speech.
It’s only recording and
reviewing rehearsal sessions
that these tics will be picked up.
rehearsing on video will
ultimately make you more
confident about your talk and
more likely to beat stage fright.
reheArSe OFTeN: how
often? As long as it takes you to
know with certainty that you’ve
covered all your key points and
implemented useful feedback
from your rehearsal audience
and your personal evaluation of
the recorded practice sessions.
remember the more assured you
are, the more likely you are to
beat stage fright once and for all.
e is for eXPreSS yOurSeLF:
Let’s begin by recapping the first
4 tips for beating stage fright:
Shift your focus
Train your brain
Achieve calm
Get prepared
After going through all these
steps, it’s now time to get
onstage and do your thing!
here’s what to do:
SCrIPT yOur INTrODuCTION:
Give your profile to the emcee for
your introduction. keep it brief:
your profession or job title, your
experience, your speaking topic
and your name.
STArT STrONG:your
opening remarks should be
delivered with you making
friendly eye contact with your
audience. If you still feel nervous,
smile. The audience will
automatically smile back with
no idea how you’re feeling.
People can’t tell you are having a
bout of stage fright when you
smile so take advantage of that
fact!
DON’T STOP FOr MISTAkeS:
Only you know how your talk is
meant to flow from start to
finish. If you make a mistake or
stumble over a word, keep
moving. It’s not the end of the
world. News readers make
mistakes every day but as long as
they don’t call themselves out on
those errors, they often go
undetected. Adopt the
newscaster attitude.
eND STrONG: know exactly
how you want to end your
presentation. This is one key way
to lessen stage fright because
you have no fears about what the
end looks like. Often, calm and
assured speakers get flustered
when the dreaded piece of paper
with WrAP uP NOW on it is
handed over to them. The
temptation for most of them is
to speed up but that only creates
more mistakes and more
anxiety. If your talk has to end
abruptly simply go to your
planned close, say it and let the
audience know they can contact
you for copies of the
presentation.
So there you have it! 5 easy
steps to beat stage fright and all
you have to do is remember how
to spell STAGe and that’s it:
Shift your focus
Train your brain
Achieve calm
Get prepared
express yourself
The effective
Speaker’sToolbox gives you tips
to help you communicate
effectively at work and in the
media.
For training and coaching
enquiries, email contact@kafuidey.com

Tuesday, April 12, 2022 PAGE 11
NEWS
Gov’t will still struggle to meet 2022 revenue
target despite E-Levy passage – Seth Terkper
FOrMer Finance Minister, Seth
Terkper has expressed doubt over
government’s ability to meet the
revenue target of Gh¢ 100 billion,
despite the approval of the
electronic Transfer Levy (e-levy)
law.
The implementation of the e-
levy, which is expected to
commence in May 2022, was
originally expected to help bring in
about Gh¢6.9 billion this year to
shore up government’s revenue.
The total projected revenue for
2022 of a Gh¢100 billion, represents
a 39% increase over the revised
revenue target of Gh¢72 billion in
2021.
In an interview with Citi
business News, Mr. Terkper noted
that the target for this year is too
ambitious.
“The estimate for 2021 was
Gh¢72 billion. When the 2022
budget was presented, it changed
to Gh¢ 70 billion. The bank of
Ghana’s MPC report suggests that
the revenue the country could
generate in 2021 was Gh¢67 billion.
If it is Gh¢67 then we have fallen
short of the original target by
about Gh¢ 5 billion.”
“So the question that comes up
is if all that the GrA could bring is
G¢ 67 billion in 2021, and we are
expecting to collect about Gh¢30
billion more that represents about
half of what GrA brought in last
year. So you will agree with me that
this year’s target is ambitious, and
it includes the e-Levy,” he added.
KIA adjudged best airport
in Africa by size and region
kOTOkA International Airport
(kIA) has been adjudged
winner in the ‘best Airport
by Size and region’ category
of the 2021 Airport Service
Quality (ASQ) award put forth by the
Airports Council International (ACI).
having the capacity to handle about
five million passengers per year, kIA
consecutively received the Airport Service
Quality Awards in 2019 and 2020.
“The award is in recognition of the
successful efforts of all stakeholders in
providing a superior customer experience
during the most difficult and challenging
years of the pandemic,” a statement by
the Ghana Airport Company has said.
It said the ASQ Departures
Programme measures passenger
satisfaction on departure across 34 key
performance indicators, and that more
than half of the world’s travellers pass
through an ASQ airport – of which the
kotoka International Airport is a member.
The Airport Service Quality Award
programme, the GACL said, is the world’s
leading Airport Customer experience
Measurement and benchmarking
programme.
“After a second year of the pandemic,
this year’s Airport Service Quality (ASQ)
award winners are especially reflective of
Customer experience Leadership during
the most challenging time in our sector’s
history.
…as it can handle 5million
passengers annually
“We are exceedingly proud of their
stellar leadership in delivering the very
best customer experience,” noted the ACI
World Director General, Luis Felipe de
Olivera.
The Managing Director of GACL,
Madam Pamela Djamson-Tettey, reacting
to the recognition expressed excitement;
saying the award illustrates the
commitment of staff and stakeholders to
position kIA as an airport with worldclass
facilities and services.
“Ghana Airports Company Limited is
delighted that kotoka International
Airport has been recognised for this
award. This is the 3rd time the airport is
receiving recognition for this award, and
we are extremely excited. It is indeed a
testament to the commitment and
tireless efforts of staff and stakeholders at
the airport.
“We will collectively use this success
as a launch-pad to rally around our
mission of providing world-class airport
facilities and services for the benefit of
stakeholders.
“This award will undoubtedly spur us
on to work even harder to continuously
enhance passenger experience at our
airports. We remain deeply committed to
prioritising superior customer experience,
and we will continue to harness efforts
and resources to make the passenger’s
journey a pleasant one,” she said.
The Airports Council International in
partnership with Amadeus will be
celebrating the 2021 ASQ winners at an
awards ceremony on September 14, 2022 in
krakow, Poland, during the ASQ Forum &
ACI Customer experience Global Summit.

Tuesday, April 12, 2022
BACK
PAGE
GUTA unhappy with migration
onto VAT Standard Rate Scheme
The Ghana union of
Traders
Associations
(GuTA) has
appealed to the
Government to reconsider its
decision to forcibly migrate
traders from the VAT Flat rate
Scheme to the Standard rate
Scheme.
Citing reasons for its
concerns GuTA said it has
experienced many challenges
after operating under Flat rate
Scheme for about five (5) years.
It mentioned the nonavailability
of VAT input
explaining that most
importers who supply goods to
its members are not VAT
registered and do not issue VAT
invoices, which can be used as
input.
In a statement, GuTA said
a major Tax Policy like the VAT
should be uniform and not
discriminatory. “It is also
important for the
policymakers to understand
that taxes should not be
designed in a manner that
poses difficulty for the
operators, thereby destroying
their businesses. It should
rather be simplified to make
compliance easier and/or raise
the compliance level higher,”
it added.
“In view of this, we find it
very necessary to call the
attention of the Government
to the fact that, the trading
community, especially, our
members will not be able to
migrate to the Standard rate
Scheme due to the above
stated genuine challenges. And
the issues raised here need to
be seriously considered and
not rush and impose an
impracticable system.
“In this case, the VAT
Scheme should be; either Flat
rate Scheme for all traders to
operate or a uniform Standard
rate Scheme that ensures
fairness and equity or be made
optional for traders to choose
any of the two that may be
more convenient for their
operation.
GuTA asked its members
not to give in to any act of
intimidation or coercion from
any Tax Official, who may
exhibit such tendency or
attitude.
“however, we wish to also
state and/or caution that any
threat or intimidation of
traders on this issue will not
be taken kindly; because we
will be compelled to
vehemently defend our hardearned
working capital against
further depletion, especially in
this trying time when
businesses all over the world
are struggling to survive the
global economic crisis.
“In view of all the
aforementioned realities of the
situation on the ground, it is
our fervent hope that the
Government will carefully and
seriously consider all the
stated facts and act
accordingly,” it concluded.
“
“In this case, the VAT
Scheme should be; either
Flat Rate Scheme for all
traders to operate or a
uniform Standard Rate
Scheme that ensures
fairness and equity or be
made optional for traders
to choose any of the two
that may be more
convenient for their
operation.
Salaries paid through mobile
money will attract E-Levy – GRA
WOrkerS who receive their salaries
through mobile money platforms may
have to brace themselves.
This is because a portion of their
money is expected to be affected by the
recently passed e-Levy.
According to the Ghana revenue
Authority (GrA), the manner in which the
controversial law was crafted makes it
imperative that the tax is factored into
the revenue mobilisation stream.
Following the passage of the
electronic Transfer Law, the GrA has
indicated its readiness to implement it
from May 1.
A Principal revenue Officer and head
of the Project Management unit at the
Authority told JoyNews that salaries are
paid from their bank accounts onto
mobile money platforms, the 1.50% fee
will be deducted into the government
coffers.
Isaac kobina Amoako made this
known on The Probe during a discussion
to demystify the new tax.
Speaking on Sunday, the official
explained that the current framework
created by the law as it stands does not
distinguish a corporate mobile money
account from an individual mobile money
account.
“For the banks, the disbursements
from corporate accounts were not
mentioned so it is clear that, that one is
exempt. but in the MoMo, there was no
distinction between the corporate MoMo
account and the individual MoMo
account,” he told emefa Apawu.
he revealed that this will also affect
loan disbursement among other banking
transactions.
These concerns, Mr Amoako says, will
be forwarded to the Finance Ministry
with the hopes of having them addressed.
he opined that the potential
challenges that may accompany this
situation have come to the GrA’s
attention. — Myjoyonline.com